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Volkswagen AG : Bonds

Case Summary

Volkswagen AG : Bonds Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 07/07/2017 (Ongoing date of last review)

Filing Date: June 20, 2016

According to the law firm press release, the Complaint alleges that during the Class Period, Defendants made false and misleading statements and concealed a scheme to defraud investors in the Offerings regarding the Company’s operations, its business and finances, and its outlook. Specifically, Defendants caused its Offerings to trade at artificially inflated prices by failing to disclose that Volkswagen utilized a “defeat device” in certain of its diesel cars that allowed such cars to temporarily reduce emissions during testing, while achieving higher performance and fuel economy, as well as discharging dramatically higher emissions, when testing was not being conducted. The Complaint alleges that Defendants made misrepresentations and omissions in its public statements as well as in its offering memoranda in connection with the issuance of over $8 billion of Offerings on May 23, 2014, November 20, 2014, and May 22, 2015. Through this series of revelations and Volkswagen’s admissions, the Offerings have declined from an average of 99.854% par value on September 18, 2015 to an average of 95.624% par value on September 22, 2015, representing a decline of over $300 million.

On October 11, 2016, the Court issued an Order appointing Lead Plaintiff and Counsel.

Company & Securities Information

Defendant: Volkswagen AG

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Auto & Truck Manufacturers
Headquarters: Germany

SECURITIES INFORMATION:

Ticker Symbol: VLKPY
Company Market: OTC-BB
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

BRS, et al. v. Volkswagen AG, et al.

COURT: N.D. California
DOCKET #: 16-CV-03435
JUDGE: Hon. Charles R. Breyer
DATE FILED: 06/20/2016
CLASS PERIOD START: 05/23/2014
CLASS PERIOD END: 09/22/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kerr & Wagstaffe LLP
    101 Mission Street, 18th Floor, Kerr & Wagstaffe LLP, CA 94105
    415.371.8500 415.371.0500 ·
  2. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of the Federal Securities Laws 06/20/2016
2 U.S. District Court Civil Docket 06/22/2016
3 Order Appointing Puerto Rico Government Employees And Judiciary Retirement Systems Administration As Lead Plaintiff 10/11/2016
 
 

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